Substantive Procedures to Audit Investment Securities

00:15:32
https://www.youtube.com/watch?v=_XKUVTqdMrc

Ringkasan

TLDREn este video se abordan los procedimientos sustantivos que los auditores deben llevar a cabo para auditar las cuentas de valores de inversión. Se discuten varias técnicas como la inspección y conteo de valores, confirmaciones de custodios externos y verificaciones simultáneas. La importancia de la revisión de clasificaciones y acuerdos de préstamo relacionados, así como la verificación de la exactitud de las transacciones y las divulgaciones requeridas, se destaca. Adicionalmente, se examina el proceso de auditoría respecto a la amortización de primas y descuentos y la revisión de estados financieros auditados. Estos procedimientos tienen como objetivo asegurar la existencia, completitud y la correcta valuación de las inversiones al final del periodo contable.

Takeaways

  • 🔍 Inspección y conteo de valores en mano.
  • 👥 Presencia de empleados durante la auditoría.
  • 🏦 Confirmaciones de custodios externos.
  • 🔄 Verificación simultánea de activos.
  • 📜 Revisión de divulgaciones requeridas.
  • 📊 Procedimientos analíticos para corroborar evidencias.
  • 📝 Amortización de primas y descuentos.
  • 📈 Clasificación del valor de inversiones.
  • 🔎 Revisión de estados financieros auditados.
  • ⚖️ Aseguramiento de la correcta valuación de inversiones.

Garis waktu

  • 00:00:00 - 00:05:00

    Se discuten los procedimientos sustantivos que los auditores deben seguir para auditar los valores de inversión, comenzando con la inspección y conteo de los valores en manos o almacenados en cajas de seguridad. Esto ayuda a establecer la existencia de dichos valores y a prevenir el fraude mediante la verificación de su registro correcto.

  • 00:05:00 - 00:10:00

    Se presenta la verificación simultánea de los valores en custodia de terceros y la necesidad de confirmar su existencia. Se explica cómo el auditor puede revisar al mismo tiempo las cuentas del efectivo y otros ítems relacionados al realizar estas verificaciones, asegurando que se mantengan registros precisos sobre la naturaleza y clasificación de los valores de inversión.

  • 00:10:00 - 00:15:32

    Se detallan otros procedimientos sustantivos, como la revisión de las divulgaciones necesarias, la clasificación adecuada de los valores de inversión, la corroboración de las transacciones de compra y venta, y la reconciliación de dividendos. El auditor también verificará que se sigan las pautas estándar para el reconocimiento y la medición de estos activos para evitar distorsiones en los estados financieros.

Peta Pikiran

Video Tanya Jawab

  • ¿Qué procedimiento inicial debe realizar un auditor al auditar valores de inversión?

    El auditor debe inspeccionar y contar los valores que están a la mano.

  • ¿Por qué es importante la presencia de un empleado durante la inspección de valores?

    Para evitar confusiones sobre valores faltantes y asegurar que se informen las discrepancias de inmediato.

  • ¿Qué tipo de confirmaciones pueden realizar los auditores?

    Los auditores pueden obtener confirmaciones de los valores que están en custodia de partes externas, como bancos.

  • ¿Qué es la verificación simultánea en el proceso de auditoría?

    Es la inspección y confirmación de valores al mismo tiempo desde un tercero.

  • ¿Qué clases de revisión puede hacer un auditor sobre las inversiones?

    El auditor puede revisar las divulgaciones requeridas, clasificaciones y acuerdos de préstamo relacionados con los valores.

  • ¿Qué procedimientos analíticos puede realizar el auditor?

    El auditor puede realizar procedimientos analíticos como la conciliación de montos de dividendos recibidos y la verificación de registros.

  • ¿Cómo asegura el auditor la correcta valuación de las inversiones?

    El auditor prueba la amortización de primas y descuentos, y determina el valor de mercado de los valores.

  • ¿Qué revisión se realiza para las inversiones mayores?

    El auditor revisa los estados financieros auditados de inversiones mayores para verificar su correcta valoración.

  • ¿Qué es un resumen de seguridad de inversión?

    Es un esquema que el auditor puede extender para verificar posibles errores clericales.

  • ¿Qué objetivo tienen los procedimientos sustantivos en la auditoría de cuentas de inversiones?

    Asegurar la existencia, completitud y correcta valuación de los activos de inversión.

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Teks
en
Gulir Otomatis:
  • 00:00:00
    okay so for the this next video lectures
  • 00:00:03
    we are still in the substantive
  • 00:00:05
    procedures to audit the asset accounts
  • 00:00:08
    so this time we will be discussing on
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    the substantive procedures to be
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    performed by the auditor to audit the
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    investment securities
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    okay
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    so
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    first
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    the auditor can inspect and count
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    securities that are on hand
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    or often these are placed in a bank safe
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    deposit box as a form of internal
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    control to minimize the
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    uh
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    mishandling
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    okay or misappropriation of
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    this investment securities by the
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    employees or even the management of the
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    npt
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    so
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    this
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    inspection and counting will also help
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    or assist the auditor in determining the
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    existence of
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    the
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    investment or of this investment
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    securities that are being claimed okay
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    by the entity
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    so this procedure okay as mentioned will
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    address the existence
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    and also this will provide any evidence
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    that no fraud
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    okay
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    which is in the form of a substitution
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    meaning
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    um there is unauthorized sales or
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    subsequently purchase of such
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    investment securities
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    okay has been
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    has occurred during the year
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    so this inspection will lead the auditor
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    to determine the existence and any fraud
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    that may exist in
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    this investment securities
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    so a client employee
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    should be rep be present
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    during the inspection okay and a
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    counting of those securities on hand so
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    this is so to avoid any confusion over
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    any missing securities of course if the
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    auditor will inspect any thing that the
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    entity owns
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    there should be someone
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    an employee or even
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    the member of the management who will be
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    present during such uh conduct of
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    inspection and counting because in the
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    case where the auditor will found out
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    that there are any missing
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    items then
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    um
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    they
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    they will be
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    informed immediately and those persons
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    who will have the responsibility over it
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    will
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    look for the answers
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    or the reason why there is
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    a deviation from what is recorded and
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    what is existing okay on hand in
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    the
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    entity
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    so in examining the security
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    certificates
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    here the auditor will determine whether
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    these securities are
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    held or identical
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    to those which are recorded in the books
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    okay or
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    for example
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    all those
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    security certificates um present or
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    existing should also be recorded so this
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    can be detected by the auditor using the
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    certificate numbers
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    uh number of shares face value and other
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    details which can be taken from the
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    certificate okay to make sure that this
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    are
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    recorded properly
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    and completely
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    okay aside from the inspection and
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    counting the auditor can also obtain
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    confirmation of the securities
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    which are in the custody of an outside
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    party so this can be
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    held in the safety deposit
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    box in a bank or in other financial
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    institutions who
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    are offering in case the handling of
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    such
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    investment securities so here
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    uh the auditor can ask from them
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    directly if this are indeed existing
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    okay
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    if the client securities are held by
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    an independent custodian
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    like for example
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    this or held by a bank
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    or a trust company so
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    any evidence related to the existence
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    assertion
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    will be obtained by the auditor by using
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    the confirmation procedure okay for the
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    securities
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    from such independent custodians so as
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    mentioned also
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    earlier okay aside from that
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    the auditor can also
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    perform simultaneous verification
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    okay so here
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    um
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    in this case uh simultaneous
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    verification is
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    uh inspection
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    and at the same time
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    um confirm or for example he is
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    confirming from an outside party so at
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    the same time
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    he is uh
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    inspecting okay those items because this
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    is uh in the case where the entity
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    uh has given the
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    costuming ship
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    okay to a third party or to those
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    financial institutions
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    which provides such
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    uh services
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    okay meaning there is no
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    securities
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    present in the entity so everything is
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    in the hands of
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    uh
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    the
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    custodian or trustee
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    okay
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    [Music]
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    another
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    so in this case owing to the liquid
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    nature of some securities
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    like for example the financial asset
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    through fair
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    at fair value i mean through profit or
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    loss so in this case uh the auditor
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    can inspect
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    uh this
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    securities
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    normally at your end simultaneously with
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    the audit of cash and other related
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    items so uh in this case aside from uh
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    the investment account he can also uh
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    during this um
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    procedure or substantive procedure you
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    can also audit at the same time the
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    other accounts okay like in this case
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    aside from auditing investment
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    securities he can also touch cash and
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    other related items to it
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    okay
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    and also performing other substantive
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    procedures that
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    is
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    applicable okay to that specific account
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    so and aside from those mentioned so
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    there are also other typical substantive
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    audit procedures that the auditor can
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    perform
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    so first
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    the auditor can review
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    the disclosures okay required by the
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    framework okay for
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    securities or investment securities
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    next he can also inquire from the
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    management about any pledging or
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    of these investment securities if this
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    has been
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    pledged for a loan
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    or credit and also to verify
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    that
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    any disclosures required by the standard
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    is presented by the entity together with
  • 00:08:02
    the financial statements
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    next um the auditor can also review the
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    loan agreements okay for such pledging
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    of the investment securities
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    uh another
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    a review
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    of uh the classification of the
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    securities
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    because in this case securities are
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    um
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    according to their nature
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    okay and um
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    the existing
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    uh quality
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    or how this uh investment
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    will
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    uh provide the benefit and for how long
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    okay and how it should it will be
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    accounted for and measured okay these
  • 00:08:52
    are classified according to
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    uh
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    if they are
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    classified under the financial asset at
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    fair value through profit or loss
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    or
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    through other comprehensive income or at
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    amortized cost
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    okay so each of this
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    um type of
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    classification of securities has their
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    own
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    guidelines based on the standards on how
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    to measure
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    and how to
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    uh
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    how to measure it
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    initially
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    okay how to allocate uh any infirm uh
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    any
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    uh decline okay or impairment in their
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    value
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    how to recognize the
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    received dividend or
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    share from the profit
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    and how to
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    uh
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    measure it subsequent to initial
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    recognition
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    okay
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    so this should be properly accounted by
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    the entity using the guidelines provided
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    in the standard okay
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    because if the entity will
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    um
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    will not follow a certain guideline then
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    it will have the effect of
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    understating or overstating this uh
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    uh investment security accounts
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    okay next
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    the auditor can also vouch of
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    the purchases and sales of such
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    securities during the year so again
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    vouching is done
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    from
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    the records the books of accounts of the
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    entity and then
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    referring this to any um
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    documents
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    okay which serves as the source
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    documents for this types of transactions
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    relating to our
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    investment security accounts
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    okay next is the auditor can also review
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    of the cut off so again cut off are used
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    to determine if the entity was able to
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    record those transactions pertaining to
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    the correct accounting period
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    next the auditor can also perform
  • 00:11:25
    analytical procedures okay that will
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    serve as uh corroborating evidences
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    about
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    the existence uh completeness
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    and other assertions that may that the
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    auditor may um
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    me may satisfy okay
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    based on the assertions given by
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    the
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    management
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    next uh the auditor can also reconcile
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    the amounts of the dividends received by
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    the entity which normally if there are
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    this is public
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    entities in which this investment are
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    placed
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    then the dividends uh are usually
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    published
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    okay or
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    the auditor can
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    uh take this
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    information from the records which are
  • 00:12:21
    generally available from the database
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    okay
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    from the internet
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    to verify if
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    the amount
  • 00:12:30
    or the value of the investment is
  • 00:12:33
    correct
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    okay and completely recorded
  • 00:12:38
    because normally when a dividend is
  • 00:12:41
    given dividend are
  • 00:12:43
    based normally
  • 00:12:45
    in
  • 00:12:46
    the number of shares
  • 00:12:49
    owned by the entity or based on the
  • 00:12:52
    amount of their investment
  • 00:12:54
    okay so therefore the auditor can
  • 00:12:56
    determine the completeness and accuracy
  • 00:12:58
    of such balances
  • 00:13:01
    next
  • 00:13:03
    the auditor can also food
  • 00:13:06
    and
  • 00:13:07
    extends a summary investment security
  • 00:13:11
    schedule
  • 00:13:12
    to verify if there are clerical errors
  • 00:13:16
    next
  • 00:13:18
    again the same with other accounts he
  • 00:13:20
    can reconcile the inventory schedule
  • 00:13:23
    summary to the general ledger for
  • 00:13:26
    accuracy because again these accounts
  • 00:13:29
    are normally forwarded to the financial
  • 00:13:32
    statements
  • 00:13:34
    another is the auditor can also test
  • 00:13:37
    the amortization of premiums and
  • 00:13:39
    discounts the purpose of this is to
  • 00:13:42
    verify that investments are properly
  • 00:13:46
    valued because in this case if
  • 00:13:48
    investment has
  • 00:13:50
    or was um
  • 00:13:52
    placed with premium or discounts uh we
  • 00:13:55
    all know that this needs to be amortized
  • 00:13:58
    because
  • 00:13:59
    uh amortization of premium and discount
  • 00:14:02
    is
  • 00:14:03
    accounted for separately from the
  • 00:14:05
    principal amount of the investment
  • 00:14:09
    next
  • 00:14:10
    the auditor can also determine the
  • 00:14:11
    market value of the securities
  • 00:14:14
    classified as
  • 00:14:16
    financial assets
  • 00:14:18
    at fair value to
  • 00:14:20
    pnl or oci
  • 00:14:23
    case again we have the
  • 00:14:26
    um
  • 00:14:27
    guidelines on how to
  • 00:14:30
    classify and measure these types of
  • 00:14:34
    security investments
  • 00:14:37
    okay and lastly the auditor can also
  • 00:14:40
    review the audited fs of major
  • 00:14:43
    investments
  • 00:14:44
    the test whether they are properly
  • 00:14:46
    valued
  • 00:14:47
    at
  • 00:14:49
    year end
  • 00:14:50
    okay so normally
  • 00:14:53
    um if this are audited so
  • 00:14:57
    again the auditor will also
  • 00:14:59
    um
  • 00:15:00
    [Music]
  • 00:15:01
    look into the auditor's report if the fs
  • 00:15:05
    are
  • 00:15:06
    fairly stated or not
  • 00:15:08
    or any statements has been corrected
  • 00:15:11
    and if there are any misstatements
  • 00:15:13
    related to the invent investment
  • 00:15:16
    accounts okay to verify if it was
  • 00:15:18
    properly valued indeed at year end
  • 00:15:22
    okay so those are
  • 00:15:24
    the different substantive procedures
  • 00:15:26
    that the auditor can perform in auditing
  • 00:15:29
    the investment securities account
Tags
  • auditoría
  • valores de inversión
  • procedimientos sustantivos
  • inspección
  • confirmación
  • verificación
  • amortización
  • clasificación
  • auditoría financiera
  • transacciones